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Indo Gulf Industries Ltd.

BSE: 506945 Sector: Industrials
NSE: N.A. ISIN Code: INE684U01011
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Indo Gulf Industries Ltd. (INDOGULFINDS) - Auditors Report

Company auditors report

To

The Members of

Indo Gulf Industries Limited

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Indo Gulf IndustriesLimited ("the Company") which comprise the Balance Sheet as at 31st March2017 and the Statement of Profit & Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the state of affairs(financial position) profit or loss (financial performance including other comprehensiveincome) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriates accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstaterp^Sf

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs (financial position) of the Company as at 31st March 2017 and itsloss (financial performance including other comprehensive income) its cash flows and thechanges in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure - A" a statement on the matters specified inparagraph 3 and 4 of the Order to the extent applicable.

ii. As required by the Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit & Loss the Cash Flow Statement andStatement of Changes in Equity dealt with by this report are in agreement with the booksof accounts;

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act;

e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors we report that none of the director isdisqualified as on March 31 2017 from being appointed as a director in terms of Section164 (2) the

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure - B";

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rule 2014 in our opinionand to the best of our information and according to the explanations to us:

i. the Company has disclosed the impact of pending litigations on its financialpositions in its Ind AS financial statements;

ii. the Company did not have any long term contacts including derivatives contracts forwhich there were any material foreseeable losses;

iii. there has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund . The question of delayin transferring such sums does not arise;

iv. the Company has provided requisite disclosures in the Ind AS financial statementsas to holdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30* December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company and as produced to us by the management.

For M A N V & Associates
Chartered Accountants
Firm Registraion No. 00735 IN
Vijay Kumar Jain
Place: New Delhi Partner
Date : 20th May 2017 M. No.087502

Anexure- A referred to in our Independent Auditors' Report to the Members of Indo GulfIndustries Limited on the Ind AS financial statement for the year ended on 31st March2017 we report that:

i. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

b) As explained to us Fixed Assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.However fixed assets of the plants have not been physically verified.

c) The title deeds of immovable properties have not been produced before us forverification. Therefore we are unable to report under paragraph 3(i)(c) of the Orderregarding the title deeds of the immovable properties.

ii. According to information and explanation given to us and on the basis of ourexamination of books of account the Company does not have inventory during the year andas on 31.03.2017. Therefore the provisions of the paragraph 3 (ii) of the Order is notapplicable to the Company.

iii. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not granted any loans secured orunsecured to Companies Firms Limited Liability Partnerships or other parties covered inthe register maintained under section 189 of die Companies Act 2013. . Therefore theprovisions of the paragraph 3 (iii) of the Order is not applicable to the Company.

iv. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not granted any loans made anyinvestments given any guarantees and security where provisions of section 185 and 186 ofthe Act are required to be complied with. Therefore the provisions of the paragraph 3(iv) of the Order is not applicable to the Company.

v. According to the information and explanations given to us and on the basis of ourexamination of books of accounts the Company has not accepted any deposits from thepublic covered under section 73 to 76 or other relevant provisions of the Companies Act2013 and rules framed thereunder. Therefore the provisions of the paragraph 3 (v) of theOrder is not applicable to the Company.

vi. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the CompanieSrAct 2013.

vii. According to information and explanations given to us in respect of statutorydues:

The Company has received various notices and recovery certificates amounting to Rs.571.98 lacs pertaining to the demand of sales tax of Rs. 537.11 lacs and central excise ofRs. 34.87 lacs (Refer Note No. 20 (3) (iii) (a to f) of the financial statement). Theabove notices mainly received before the sanction of Rehabilitation Scheme.

The Company has made provision for contingencies in the books of accounts for Rs. 43.45lacs against the demand of sales tax of Rs. 275.50 lacs and central excise of Rs. 14.18lacs considering the relief and concessions of Rehabilitation Scheme sanctioned by Hon'bleBIFR on 24th June 2010.

However the status of the balance demand of sales tax of Rs. 261.61 lacs and centralexcise of Rs. 20.69 lacs is uncertain because of the following:

• The notices and recovery certificates are issued prior to the date ofRehabilitation Scheme sanctioned by the Hon'ble BIFR.

• The relief and concessions (reassessment of demand waiver of interest waiverof penalty etc.) as directed by the Rehabilitation Scheme sanctioned by the Hon'ble BIFRhave not been considered.

a) According to information and explanation given to us undisputed statutory duesincluding provident fund employees' state insurance income tax sales tax service taxduty of customs duty of excise value added tax cess and any other statutory dues tothe extent applicable have generally been regularly deposited with appropriateauthorities. According to the information and explanations given to us there were noundisputed statutory dues were outstanding as at 31st March 2017 for a periodof more than six months from the date they became payable except above.

b) According to information and explanation given to us and on the basis of ourexamination of books of account there are no disputed dues of income tax sales taxservice tax duty of customs duty of excise and value added tax as at 31 st March 2017except above.

viii. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not defaulted in the repayment of loansor borrowing to financial institution bank government or dues to debenture holders.

ix. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not raised money by way of initial publicoffer or further public offer (including debt instruments) and term loans during the year.Therefore the provisions of the paragraph 3 (ix) of the Order is not applicable to theCompany.

x. In our opinion and according to the information and explanations given to us nofraud on or by the Company has been noticed or reported during the year.

xi. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not paid/provided any managerialremuneration during the year. Therefore the provisions of the paragraph 3 (xi) of theOrder is not applicable to the Company.

xii. According to the information and explanations given to us the Company is not aNidhi Company. Therefore the provisions of the paragraph 3 (xii) of the Order is notapplicable to the Company.

xiii. According the information and explanations given to us and on the basis of ourexamination of the records of the Company all transactions with the related parties arein compliance with section 177 and 188 of the Act where applicable and the details havebeen disclosed in the Financial Statements as required by the applicable accountingstandards.

xiv. According the information and explanations given to us and on the basis of our .examination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or hilly or partly convertible debentures duringthe year. Therefore the provisions of the paragraph 3 (xiv) of the Order is notapplicable to the Company.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with them.

xvi. According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For M A N V & Associates
Chartered Accountants
Firm Registraion No. 00735 IN
Vijay Kumar Jain
Place: New Delhi Partner
Date : 20th May 2017 M. No.087502